Coal India shares hit five-month low on stake sale buzz

Shares of Coal India today slumped over 5 percent in afternoon trade, following reports that the government may sell up to 10 percent stake in the world's largest coal producer next fiscal.

hidden March 18, 2013 13:56:44 IST
Coal India shares hit five-month low on stake sale buzz

Mumbai: Shares of Coal India today slumped over 5 percent in afternoon trade, following reports that the government may sell up to 10 percent stake in the world's largest coal producer next fiscal.

After making a weak opening, shares of the company further tanked 6 percent to Rs 300.50- its 52-week low- on the BSE. Similarly at the NSE, the stock tumbled by 6.26 percent to Rs 299.95. The scrip was the biggest loser on Sensex and Nifty during the morning trade.

Coal India shares hit fivemonth low on stake sale buzz

The government currently holds 90 percent stake in CIL.Reuters

Shares of CIL had closed at Rs 320 apiece on the BSE on Friday. At that price, a sale of 56.84 crore shares, or 10 percent, of government holding, could fetch over Rs 18,000 crore to the exchequer. CIL will be the biggest disinvestment for the government in 2013-14. The government plans to raise Rs 40,000 crore by way of PSU stake sale next fiscal.

The government currently holds 90 percent stake in CIL. CIL got listed on the bourses in 2010 through an initial public offering, through which the government raised Rs 15,199 crore by selling 10 percent stake.

PTI

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